This arbitration agreement is executed contemporaneously with, and as an Inducement and consideration for, an Installment or sales contract for the purchase of a manufactured home. It provides that all claims or disputes arising out of or relating in any way to the sale, purchase, or occupancy of manufactured home resolved by binding arbitration administered by the American Arbitration Association ("AAA") under its Commercial Arbitration Rules. This Agreement is an election to resolve claims, disputes, and controversies by arbitration rather than the judicial process. The parties waive any right to a court trial.
Arbitration Definition For Dummies In Salt Lake
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(2) "Arbitrator" means an individual appointed to render an award, alone or with others, in a controversy that is subject to an agreement to arbitrate. Arbitration is sometimes called "binding arbitration," because the results are permanent.If the arbiter decides the case, the parties must act accordingly. Mediation and arbitration are two alternative dispute resolution processes available through the courts. Arbitration is a form of alternative dispute resolution (ADR). This is a way to resolve disputes outside of judiciary courts. Arbitration is the most traditional form of private dispute resolution. Arbitration is a binding procedure. The Supreme Court of Canada has laid out a definition of arbitration with similar characteristics. Arbitration Clause Defined.